Hong Kong Stablecoin? A coin that is not issued on a public chain is just a joke!
Some people want to create a new stablecoin but find themselves caught in a dilemma. If it's not on a public chain, what's the difference from Alipay? If it's issued on a public chain for mainland users to buy, foreign exchange controls become meaningless; if it's only open to Hong Kong residents and foreign trade enterprises, how can it compete with the already popular USDT?
Even if it goes on the chain, that's still far from enough! Nowadays, those engaged in DeFi emphasize multi-chain compatibility. If mainstream tools like Metamask and Arbitrum are not interconnected, who will use it? As an international financial hub, if a stablecoin in Hong Kong cannot circulate freely in global offshore markets like Singapore and Dubai, then isn't it just a closed 'local area network currency'?
To put it bluntly, the Hong Kong stablecoin is more like a regulatory experiment, a 'compliance prototype' with functions severely limited, only able to conduct transactions honestly, and forget about investment arbitrage. If the contradiction between regulation and free circulation is not resolved, this project is destined to become an awkward existence that is 'correct but unused'!
